New World Development

Hong Kong-based company

New World Development Company Limited
新世界發展有限公司

Headquarters at New World Tower

Company type| Public Company

Traded as

* SEHK: 17
* Hang Seng Index component

Industry| conglomerate
Founded| 29 May 1970
Founder| Cheng Yu-tung
Headquarters| New World Tower [zh]
Central, Hong Kong

Key people

| Henry Cheng (Chairman)
Adrian Cheng（Executive Vice-chairman and Chief Executive Officer）

Products| Real property, Hotel, Infrastructure and Services, General merchandise
Revenue| HK $59,6 billion (as of financial year 2016)
Owner| Chow Tai Fook Enterprises Limited

Number of employees

| About 50,000 people (as of financial year 2014)
Subsidiaries|

* NWS Holdings
* New World Department Store China
* New World China Land

Website| www.nwd.com.hk
New World Development

Traditional Chinese| 新世界發展有限公司
Simplified Chinese| 新世界发展有限公司
| Transcriptions

Standard Mandarin
Hanyu Pinyin| Xīn Shìjiè Fā​zhǎn Yǒuxiàngōngsī​
Yue: Cantonese
Jyutping| san1 sai3 gaai3 faat3 zin2 jau5 haan6 gung1 si1

New World Development Company Limited (NWD), is a Hong Kong-based company focused on property, hotels, infrastructure and services and department stores. It was established on 29 May 1970 by Cheng Yu-tung. The company is publicly listed on the Stock Exchange of Hong Kong Limited (SEHK: 17) since 23 November 1972 and is a constituent stock of Hong Kong Hang Seng Index.[1]

Over the last four decades, the group has also actively participated in various businesses in Mainland China and established itself as one of the largest foreign direct investors in the country. The group's existing investments in Mainland China has exceeded US$16.5 billion, spreading across four municipalities and over 19 provinces.[1]

## Organization

[edit]

The head office is in the New World Tower [zh] in Central, Hong Kong.[2]

New World Development owns listed companies NWS Holdings and New World Department Store China. New World China Land Limited is wholly owned by New World Development. The company also owned former listed company New World Hotels (Holdings). Rosewood Hotel Group, an hotel management company, is a former subsidiary of NWD group.

New World Development and sister listed company Chow Tai Fook Jewellery Group are both majority owned by privately owned Chow Tai Fook (Holding).

New World Development Company Limited is one of the Hong Kong companies who have a large landbank. As at 31 December 2014, the group had a landbank of around 9.25 million sq ft, of which around 5.3 million sq ft was residential property. The group had a total of approximately 18.3 million sq ft of attributable agricultural land reserve pending for conversion.

## Core Business

[edit]

### Properties[3]

[edit]

#### Major Properties for Sale in Hong Kong

[edit]

* The Pavilia Farm[4]
* Mount Pavilia[5]

* Atrium House[6]
* Double Cove Starview[7]

* The Pavilia Bay
* The Reach

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|

#### Major Properties for Lease in Hong Kong[8]

[edit]

* 83 King Lam Street[9]
* ARTISAN HUB [10]
* Methodist House
* PARK SIGNATURE
* 11 SKIES [11]

* 888 Lai Chi Kok Road [12]
* New World Tower
* Manning House
* Mount Pavilia [13]
* K11 MUSEA

* Artisan Lab [14]
* Pearl City
* TIMBER HOUSE [15]
* Kai Tak Sports Park [16]
* THE FOREST

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|

## Board Members[17]

[edit]

### Executive Directors[18]

[edit]

* Chairman: Dr. Henry Cheng, GBM GBS
* Chief Executive & Executive Vice-chairman: Dr. Adrian Cheng, SBS JP
* Chief Operating: Mr. Ma Siu Cheung, GBS JP
* Hotel Projects: Ms. Sonia Cheng
* Hong Kong Projects: Mr. Sitt Nam Hoi
* Mainland China Projects: Ms. Echo Huang
* Human Resources and Talent Development: Ms. Jenny Chiu

### Non-executive Directors

[edit]

* Non-executive Vice-chairman: Mr. William Doo, BBS JP[19]
* Mr. Peter Cheng[20]
* Mr. Cheng Chi Heng[8]
* Mr. Brian Cheng[21]

### Independent Non-executive Directors

[edit]

* Mr. John Lee, BBS JP[22]
* Mr. Albert Ip[23]
* Mr. Chan Johnson Ow[24]
* Mrs. Fanny Law, GBM GBS JP
* Ms. Anthea Lo, BBS JP
* Ms. Fonia Wong[25]

## Controversies

[edit]

### Hung Hom Peninsula

[edit]

The Hung Hom Peninsula was sold for a below-market land premium of HK$864 million to New World Development, who subsequently sold off half share to Sun Hung Kai Properties. In 2004, the consortium announced the demolition of these buildings to make way for luxury apartments, to be faced with huge popular outcry about the needless destruction of "perfectly good buildings" to satisfy "corporate greed". In an unprecedented about-turn, the developers withdrew the plan on 10 December 2004.[26]

### Leung Chin-man

[edit]

Main article: Leung Chin-man appointment controversy

In 2008, New World was the subject of controversy when it announced it had hired former Permanent Secretary for Housing, Planning and Lands Leung Chin-man as deputy managing director and executive director of its China subsidiary, New World China Land Ltd. The Secretary for the Civil Service Denise Yue Chung-yee, signed off on the approval for him to take up the job within three years of leaving,[27] failing to take into account the appearance of conflict of interest resulting from the Hung Hom Peninsula affair.[28] New World argued that they hired Leung in good faith, after the government had given clearance. New World announced in the early hours of 16 August that the parties had agreed to rescind the contract.[29]

### Avenue of Stars

[edit]

See also: Tsim Sha Tsui Waterfront Revitalisation Plan

The company has managed the Avenue of Stars for 11 years[when?], and its contract is due to expire. It was announced that the Leisure and Cultural Services Department of the Hong Kong government would redevelop and expand the avenue jointly with the company.[30] The Hong Kong government declared that the enhancement project would contain limited commercial appeal, and no luxury shops or high-end restaurants would be added.[31] The walkway, very popular with tourists, was closed off for three years while the expansion was undertaken.[32]

The decision to award the contract for the redevelopment to the company without putting it out to tender, on the justification that the project was non-profit, sparked controversy locally.[33] Residents' groups and other development companies owning properties adjacent to the walk expressed discontent, whilst the LCSD claimed that consultations with the local district council had been favourable.[34] In an apparent attempt to de-fuse the public furore at the apparent collusion between government and big business, the government promised a public consultation.[35]

Chubby Hearts

HK$7.8 million was granted by the Hong Kong Mega Arts and Cultural Events Committee chaired by Adrian Cheng Chi-kong to host in February 2024 Chubby Hearts by British designer Anya Hindmarch, who has a shop in K11 Musea, a mall founded by Adrian Cheng himself and owned by his family’s New World Development, of which Adrian Cheng is Executive Vice-chairman and General Manager.

## See also

[edit]

* New World Centre
* New World First Bus
* New World First Ferry
* Citybus (Hong Kong)
* New World Telecommunications
* K11 (Hong Kong)
* List of companies in Hong Kong

## References

[edit]

1. ^ a b "Corporate | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 8 October 2015.
2. ^ "Contact Us". New World Development. Retrieved 15 September 2022. "30/F, New World Tower, 18 Queen's Road, Central, Hong Kong" \- Traditional Chinese address: "香港中環皇后大道中18號新世界大廈30樓", Simplified Chinese address: "香港中环皇后大道中18号新世界大厦30楼"
3. ^ "Corporate | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 13 August 2024.
4. ^ "NWD breaks Hong Kong record with the highest number of registrations for The Pavilia Farm III". PR Newswire. Retrieved 13 August 2024.
5. ^ "Mount Pavilia First-Ever Sculpture Park Living In Clear Water Bay". SCMP. 26 June 2017. Retrieved 13 August 2024.
6. ^ "Atrium House 瑧頤". Midland Realty. Retrieved 13 August 2024.
7. ^ "Double Cove Phase 3 Double Cove Starview Prime 迎海 3期 迎海‧星灣御". Centaline Property. Retrieved 13 August 2024.
8. ^ a b "Leadership | Group | Chow Tai Fook Jewellery Group". www.ctfjewellerygroup.com. Retrieved 5 August 2024.
9. ^ "New World Development puts 18 units up for sale at its recently completed Cheung Sha Wan office tower". South China Morning Post. Retrieved 19 August 2024.
10. ^ "NWD's Artisan Hub is sold out". The Standard. Retrieved 19 August 2024.
11. ^ "New World names airport project 11 Skies". The Standard. Retrieved 19 August 2024.
12. ^ "New World Development puts 18 units up for sale at its recently completed Cheung Sha Wan office tower". South China Morning Post. Retrieved 19 August 2024.
13. ^ "Mount Pavilia First-Ever Sculpture Park Living In Clear Water Bay". South China Morning Post. Retrieved 19 August 2024.
14. ^ "Bakery moves into Artisan Lab". The Standard. Retrieved 19 August 2024.
15. ^ "New World Development's Latest Residential Project from their Bohemian Collection". Pacific Rim Construction. Retrieved 19 August 2024.
16. ^ "New World consortium launches HK$30b Kai Tak stadium project". The Standard. Retrieved 19 August 2024.
17. ^ HKEXnews (18 December 2023). "Appointment Of Chief Operating Officer" (PDF). HKEXnews. Retrieved 19 August 2024.`{{cite web}}`: CS1 maint: url-status (link)
18. ^ "New World Development Co Ltd's CEO and Executive Team Team - Team members and org chart". THE ORG. Retrieved 2 August 2024.
19. ^ "上实城开". www.siud.com. Retrieved 5 August 2024.
20. ^ "Cheng Kar-Shing Peter - Executive Bio, Work History, and Contacts - Equilar ExecAtlas". people.equilar.com. Retrieved 5 August 2024.
21. ^ "Brian Chi Ming Cheng - Executive Bio, Work History, and Contacts - Equilar ExecAtlas". people.equilar.com. Retrieved 5 August 2024.
22. ^ "Lee Luen-Wai - Director at New World Development Co Ltd". THE ORG. Retrieved 7 August 2024.
23. ^ "Yuk Keung Ip: Positions, Relations and Network - MarketScreener". www.marketscreener.com. 5 March 2024. Retrieved 7 August 2024.
24. ^ MarketScreener (10 September 2021). "New World Development Company Limited Appoints Chan Johnson Ow as Independent Non-Executive Director - MarketScreener". www.marketscreener.com. Retrieved 7 August 2024.
25. ^ Standard, The. "Ratio of female board members at New World Development exceeds one-third". The Standard. Retrieved 7 August 2024.
26. ^ Ng, Michael & Teddy (11 December 2004). "Demolition of Hung Hom flats scrapped". The Standard. Archived from the original on 22 May 2011. Retrieved 29 January 2007.
27. ^ Diana Lee (5 August 2008). "Former housing chief faces legal bid to demolish his job with developer". The Standard. Archived from the original on 11 December 2008. Retrieved 7 August 2008.
28. ^ Secretary for the Civil Service (15 August 2008). "SCS submits report to Chief Executive on Leung Chin-man's case" (Press release). Civil Service Bureau, Hong Kong Government.
29. ^ Cheung Chi-fai (16 August 2008). "Ex-housing chief shocked officials didn't consider Hung Hom deal". South China Morning Post. pp. A10.
30. ^ http://www.thestandard.com.hk/news_detail.asp?we_cat=5&art_id=160695&sid=44880224&con_type=1&d_str=20150831&fc=1 [permanent dead link]
31. ^ Fung, Fanny W. Y. (27 August 2015). "Hong Kong Avenue of Stars expansion won't feature luxury shops or posh restaurants, top officials says amid outcry". South China Morning Post.
32. ^ Fung, Fanny W. Y. (21 August 2015). "Lights out for Avenue of Stars as iconic Hong Kong site set to shut down for three years despite public outcry". South China Morning Post.
33. ^ Kammerer, Peter (31 August 2015). "Public outcry over Avenue of Stars plan is a message to the Hong Kong government: No bending of the rules will be tolerated". South China Morning Post.
34. ^ "Tsim Sha Tsui harbourfront enhancement plan faces opposition". ejinsight.com. Archived from the original on 6 July 2017.
35. ^ Fung, Fanny (1 September 2015). "Hong Kong government pledges consultation on controversial Avenue of Stars revamp". South China Morning Post.

## External links

[edit]

* Business data for New World Development:

* Bloomberg
* Google
* Reuters
* Yahoo!

Wikimedia Commons has media related to New World Development.

* Official website

* v
* t
* e

New World Development

People|

* Cheng Yu-tung

Subsidiaries|

* New World China Land
* New World Department Store China
* New World First Bus
* New World Hotels (Holdings)
* New World Telecommunications
* NWS Holdings

Related|

* Chow Tai Fook
* K11 Art Mall
* Leung Chin-man appointment controversy

* v
* t
* e

Constituents of Hang Seng Index

Finance|

* HSBC
* Hang Seng Bank
* Hong Kong Exchanges and Clearing
* China Construction Bank
* AIA Group
* Industrial and Commercial Bank of China
* Ping An Insurance
* Bank of China (Hong Kong)
* China Life Insurance Company
* China Merchants Bank
* Bank of China

Utilities|

* CLP Group
* The Hong Kong and China Gas Company
* Power Assets Holdings
* China Resources Power
* CK Infrastructure Holdings
* ENN Energy

Properties|

* Henderson Land Development
* Sun Hung Kai Properties
* New World Development
* Hang Lung Properties
* China Overseas Land and Investment
* Link REIT
* Longfor Properties
* China Resources Land
* CK Asset Holdings
* China Resources Mixc Lifestyle
* Wharf Real Estate Investment Company
* Country Garden

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and
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* Alibaba Health
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* Techtronic Industries
* Tencent
* China Unicom
* PetroChina
* Xinyi Glass
* Zhongsheng Group
* CNOOC Limited
* China Mobile
* Xinyi Solar
* Semiconductor Manufacturing International Corporation
* Lenovo
* Hengan International
* China Shenhua Energy
* CSPC Pharmaceutical Group
* Sinopharm Group
* Sino Biopharmaceutical Limited
* BYD Company
* China Hongqiao Group
* Xiaomi
* Budweiser Brewing Company APAC
* Sands China
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* Li Auto
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